Auction watch: Our wrap of Adelaide’s more interesting sales

A TERMITE-infested home, damaged so bad it is structurally unsound, will be given a new lease on life after a motivated investor purchased the highly-publicised property at Morphett Vale at auction.

The three-bedroom home at 8 McCartney St attracted five registered bidders and sold for its advertised price guide of $199,000.

Selling agent Simon Paterson of Century 21 Paterson Properties said the home attracted good buyer interest during its three-week auction campaign but in the end, it was a handful of investors who saw potential in the substantial renovation project.

“We had five registered bidders on the day, all investors, and the buyer is now looking to repair the home,” Mr Paterson said.

“Due to the extensive damage of the home, the property sold for land value, probably even better than that and the vendors are happy to be able to move on.”

As previously reported by The Advertiser, Mr Paterson said the news of the termites came as a shock to the vendors, who originally put the home on the market blissfully unaware of any problem.

8 McCartney Street, Morphett Vale

A buyer had placed offer on the home for $280,000 subject to a building inspection, at which point the pests were found.

“We had the building inspection done and they found there was severe termite damage through the roof,” Mr Paterson said.

“It’s in a poor way — the vendor had no idea whatsoever and it’s going to be a $60,000 to $80,000 hit for them.”

Not surprisingly, the potential buyers were “very happy” they had the inspection done.

The 1970s-built home was largely constructed of brick veneer and tile with a truss roof, which Mr Paterson said would be in good condition if it wasn’t for the structural damage.

Otherwise well presented, the three-bedroom home had a lounge with a feature raked ceiling, an open-plan kitchen/meals area and a wide entertainment veranda in the rear yard.

Mr Paterson said it was a lesson to all buyers to ensure they have a building inspection done before buying, as well as a reminder to homeowners to get regular termite inspections.

“It’s important to let people know they should be getting regular pest inspections — this could have been picked up years ago,” he said.

“These things can be addressed very quickly if they come to light.”

Here are some other interesting auction results from the weekend.

MAGILL

15 Barnes Ave, Magill

LOCATION and “superb” presentation helped sell a three-bedroom home in Magill, which was the second highest transaction recorded over the past week.

Making the most of Saturday’s springlike weather, five registered bidders gathered in the backyard of 15 Barnes Ave, where they went head-to-head for the modern family entertainer with an inground swimming pool.

The home sold under the hammer for $930,000, meeting reserve, said listing agent Matt Smith of Klemich Real Estate.

“It was a beautiful auction, held in the backyard of the home, with five registered bidders and about 50 people observing the sale,” he said.

“From what I could gather, both the buyers and the vendors were happy with the result but we did need to negotiate the final price after the auction to achieve a fair market result.”

Mr Smith said the property’s immaculate presentation had been a key selling point for a variety of buyers, which included families, downsizers and Gen Y buyers.

Set on an easy-care 670sqm block, the home featured three bedrooms, two bathrooms, open-plan living spaces, a modern kitchen, and a huge outdoor entertainment space with pergola and built-in firepit, which overlooked a solar-heated swimming pool.

“It was a real mixed bag of buyers but the property did end up selling to downsizers,” Mr Smith said.

“I’ve always expected the home to do well at auction because it is such a well-presented home and will allow the purchasers to move in, enjoy the home for what it is.

“The home appealed to a growing market of buyers that are time-poor and don’t want to spend their weekends renovating.”

MORPHETT VALE

2 Jennifer Drive, Morphett Vale

A 1965-built home on a 705sqm corner block in Morphett Vale sold prior to its scheduled auction for more than $200,000 above its price guide.

The five-bedroom home at 2 Jennifer Drive, sold for $482,000 — $227,000 above its $255,000 guide.

According to CoreLogic, the renovator’s delight had been on the market since August 18 and was initially being sold via private treaty with a price guide of $320,000 to $340,000.

It dropped to $288,000 to $298,000 in October, before switching to an auction campaign.

Selling agent Lisa Xu, of LJ Hooker Woodville said the home sold to an investor who offered a price too good to pass up and halted the auction.

“It sold for land value,” Ms Xu said.

“The vendor is very happy with the price.”

Ms Xu said four buyers, all investors, made offers on the property.

“It’s a very nice area,” she said.

The home, which had two bathrooms, two kitchens and a big backyard, had development potential with three two-storey dwellings being built on site, subject to necessary consents.

STRONG bidding from start to end saw a character home in Fulham Gardens sell for more than $20,000 above its reserve.

The home at 29 Riverway sold for $771,000, after three of the seven registered bidders fought it out, with the winning bid placed by a mum and dad team acting on behalf of their daughter.

Selling agent David Blight, of LJ Hooker Flinders Park said it was a “well-fought contest right to the end”.

“It was fast paced and at the end it got down to $500 bids, then back up to $1000 and in the end it was the couple that persevered,” Mr Blight said.

Mr Blight said the four-bedroom home on a 692sqm corner block, in a leafy street, had picturesque outlooks, was move-in ready — with a bonus granny flat — but also had development potential, subject to necessary consents.

Mr Bligh said the successful buyer was now looking to rent the property but plans to build on the block in the future.

“The mum and dad bidding for their daughter and the vendors were all absolutely delighted,” he said.

“I was given French champagne and some choccies as a ‘thank you’, so I put it down to a win, win, win for everyone.”

Mr Blight said he advertised the property in The Advertiser, its local Messenger — including editorial — and on realestate.com.au, which he attributes to the property’s sale.

“Advertising in the paper generate good numbers, the editorial helped, it helped complete an overall great result.”

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